Shiny new install of Reporting Services all done. Unfortuntately attempts to login to RS via SQL Management Studio give an html string error mentioning metadata problems with IIS. Attempts to access http://localhost/Reports result in an IIS error about changing permissions.
This is install problems with .Net Framework.
Just goto the v2.0.50727 folder (c:\windows\Microsoft.net\framework\v2.0.50727) and run
aspnet_regiis -ga aspnet
where "aspnet" is the name of the ASPNet user found in the list of users on the local machine.